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Arizona Mortgage Broker Surety Bond
Bond Requirements and Online Application
The Arizona Department of Financial Institutions requires the Arizona Mortgage Broker Surety Bond.
According to Arizona Revised Statutes Section 6-901, a mortgage broker is “a person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates, or offers to make or negotiate a mortgage banking loan or a mortgage loan”. In order to become a licensed mortgage broker in the State of Arizona, all applicants must file the Arizona Mortgage Broker Surety Bond with the Superintendent of the Department of Financial Institutions. The bond ensures the faithful compliance of the licensee, including the licensee’s directors, officers, members, partners, trustees, and employees with Title 6, Chapter 9 of the Arizona Revised Statutes. Any person injured by the wrongful act of the licensee may make a claim on the bond for financial compensation.
The required bond amount is $10,000 for licensees whose investors are limited solely to institutional investors and $15,000 for licensees whose investors include any noninstitutional investors.
According to the National Mortgage Licensing System, an “institutional investor” is:
A state or national bank
A state or federal savings and loan association
A state or federal savings bank
A state or federal credit union
A federal government agency or instrumentality
A quasi-federal government agency
A financial enterprise
A licensed real estate broker or salesman
A profit sharing or pension trust
An insurance company
The Arizona Mortgage Broker Surety Bond remains in full force and effect until the Surety cancels the bond. The Surety must provide the Superintendent and the Principal of the bond with thirty day cancellation notices prior to the cancellation date.
How to Get Your Arizona Mortgage Broker Surety Bond
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Arizona Mortgage Broker Surety Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days